Morning Mantra, 12th October 2022

Good Morning!

In the yesterday’s trading session, we did observe how after a flat to positive opening, the index managed to make a high of around 17261. However, the index failed to cross over the Resistance level of 17270, and in stead showed us a significant selling pressure in the last one-and-a-half hours. Fascinatingly, it did somehow manage to take a support at around the stated level of 16940.

Altogether, we can say that Nifty is still continuing its volatile movement. Where on one hand, the level of 17270 is playing a crucial role as a Resistance, on the other hand, the levels of 17170 and 16940 are playing an important role as a support.

As of now, we are still with our words, that is to be stock specific till the time we witness any breakout or breakdown of either side. So, stay cautious and continue being stock specific as of now.

Nifty Levels 15270-15400-15580-15800
-16200-16350-16700-17300 -17800
-18100-18350

Nifty’s Previous Day Closing - 16983.55 (-257.45)

Regards,
Alok Daiya